Approval of a Prospectus
MKT 6.3.2 MKT 6.3.2(1) The
DFSAwill approve a Fund Prospectuswhich has been filed with the DFSAin accordance with Rule 6.3.1 as soon as reasonably practicable where it is satisfied that the Prospectuscomplies with all the requirements applicable to that Prospectus.(2) A Fund Prospectusis not an Approved Prospectusfor the purposes of Article 14(2) of the Law unless the DFSAhas issued to the applicant a notice stating its approval:(a) of the Prospectusor Supplementary Prospectus, as the case may be; and(b) in the case of a, Prospectusin (a) comprising multiple documents, of all the multiple documents.(3) The procedures in Schedule 3 to the Regulatory Law apply to a decision of the DFSAunder this Rule not to approve a Fund Prospectus.(4) If the DFSAdecides to exercise its power not to approve a Fund Prospectusunder this Rule, the applicant may refer the matter to the FMTfor review.
MKT 6.3.2 Guidance1. A
Personintending to apply to the DFSAfor approval of a Fund Prospectuspursuant to Rule 6.3.1 should consider submitting a draft Prospectusfor preliminary review by the DFSAprior to formally submitting the Prospectusfor DFSAapproval. See the RPP Sourcebook for procedures for applying for DFSAapproval.2. The approval of a Fund Prospectusby the DFSAwill not prevent the use by the DFSAof its powers, such as the stop order power in Article 25 of the Law, in circumstances where the need for such action is subsequently identified. For example, if the DFSAbecomes aware, after the approval of the Fund Prospectus, that it contains any misleading or deceptive information, or it breaches the Prospectusprovisions in other respects, the DFSAmay use its stop order power or take any other action as appropriate in the circumstances.Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]
MKT 6.3.3(1) For the purposes of Rule 6.3.1(b)(ii), the offer document relating to the
Foreign Fundmust comply with the requirements:(a) relating to a Designated Fundin a Recognised Jurisdiction; or(b) in a jurisdiction which provides a level of regulation relating to the offer which is acceptable to the DFSA.(2) The DFSAmay accept an offer document referred to in (1)(b) subject to such conditions or restrictions imposed by the DFSAas it sees fit.(3) Where the offer document referred to in (1) is not in the English language, it must be accompanied by an English translation acceptable to the DFSA.(4) The procedures in Schedule 3 to the Regulatory Law apply to a decision of the DFSAunder this Rule to impose conditions or restrictions.(5) If the DFSAdecides to exercise its power under this Rule to impose conditions or restrictions, the applicant may refer the matter to the FMTfor review.